The Department of the Treasury (USDT) is an executive department and the treasury of the United States federal government. Established by an Act of Congress in 1789 to manage government revenue, the Treasury prints all paper currency and mints all coins in circulation through the Bureau of Engraving and Printing and the United States Mint, respectively; collects all federal taxes through the Internal Revenue Service; manages U.S. government debt instruments; licenses and supervises banks and thrift institutions; and advises the legislative and executive branches on matters of fiscal policy.
The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. Senior advisor to the Secretary is the Treasurer of the United States. Signatures of both officials appear on all Federal Reserve notes.
The first Secretary of the Treasury was Alexander Hamilton, sworn into office on September 11, 1789. Hamilton was appointed by President George Washington on the recommendation of Robert Morris, Washington's first choice for the position, who had declined the appointment. Hamilton established—almost singlehandedly—the nation's early financial system and for several years was a major presence in Washington's administration. His portrait appears on the obverse of the ten-dollar bill, while the Treasury Department building is depicted on the reverse.
The current Secretary of the Treasury is Steven Mnuchin, who was confirmed by the United States Senate on February 13, 2017. Jovita Carranza, appointed on April 28, 2017, is the incumbent treasurer.
|United States Department of the Treasury|
|Formed||September 2, 1789|
|Jurisdiction||U.S. federal government|
1500 Pennsylvania Avenue, NW
Washington, D.C., U.S
|Annual budget||$20 billion (2019)|
The history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. The Congress had no power to levy and collect taxes, nor was there a tangible basis for securing funds from foreign investors or governments. The delegates resolved to issue paper money in the form of bills of credit, promising redemption in coin on faith in the revolutionary cause. On June 22, 1775—only a few days after the Battle of Bunker Hill—Congress issued $2 million in bills; on July 25, 28 citizens of Philadelphia were employed by the Congress to sign and number the currency.
On July 29, 1775, the Second Continental Congress assigned the responsibility for the administration of the revolutionary government's finances to joint Continental treasurers George Clymer and Michael Hillegas. The Congress stipulated that each of the colonies contribute to the Continental government's funds. To ensure proper and efficient handling of the growing national debt in the face of weak economic and political ties between the colonies, the Congress, on February 17, 1776, designated a committee of five to superintend the Treasury, settle accounts, and report periodically to the Congress. On April 1, a Treasury Office of Accounts, consisting of an Auditor General and clerks, was established to facilitate the settlement of claims and to keep the public accounts for the government of the United Colonies. With the signing of the Declaration of Independence on July 4, 1776, the newborn republic as a sovereign nation was able to secure loans from abroad.
Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Michael Hillegas was first called Treasurer of the United States on May 14, 1777. The Treasury Office was reorganized three times between 1778 and 1781. The $241.5 million in paper Continental bills devalued rapidly. By May 1781, the dollar collapsed at a rate of from 500 to 1000 to 1 against hard currency. Protests against the worthless money swept the colonies, giving rise to the expression "not worth a Continental".
Robert Morris was designated Superintendent of Finance in 1781 and restored stability to the nation's finances. Morris, a wealthy colonial merchant, was nicknamed "the Financier" because of his reputation for procuring funds or goods on a moment's notice. His staff included a comptroller, a treasurer, a register, and auditors, who managed the country's finances through 1784, when Morris resigned because of ill health. The treasury board, consisting of three commissioners, continued to oversee the finances of the confederation of former colonies until September 1789.
The First Congress of the United States was called to convene in New York on March 4, 1789, marking the beginning of government under the Constitution. On September 2, 1789, Congress created a permanent institution for the management of government finances:
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That there shall be a Department of Treasury, in which shall be the following officers, namely: a Secretary of the Treasury, to be deemed head of the department; a Comptroller, an Auditor, a Treasurer, a Register, and an Assistant to the Secretary of the Treasury, which assistant shall be appointed by the said Secretary.
Alexander Hamilton took the oath of office as the first Secretary of the Treasury on September 11, 1789. Hamilton had served as George Washington's aide-de-camp during the Revolution and was of great importance in the ratification of the Constitution. Because of his financial and managerial acumen, Hamilton was a logical choice for solving the problem of the new nation's heavy war debt. Hamilton's first official act was to submit a report to Congress in which he laid the foundation for the nation's financial health.
To the surprise of many legislators, he insisted upon federal assumption and dollar-for-dollar repayment of the country's $75 million debt in order to revitalize the public credit: "[T]he debt of the United States was the price of liberty. The faith of America has been repeatedly pledged for it, and with solemnities that give peculiar force to the obligation." Hamilton foresaw the development of industry and trade in the United States, suggesting that government revenues be based upon customs duties. His sound financial policies also inspired investment in the Bank of the United States, which acted as the government's fiscal agent.
Congress transferred several agencies that had previously been under the aegis of the Treasury department to other departments as a consequence of the September 11, 2001 terrorist attacks. Effective January 24, 2003, the Bureau of Alcohol, Tobacco and Firearms (ATF), which had been a bureau of the Department since 1972, was extensively reorganized under the provisions of the Homeland Security Act of 2002. The law enforcement functions of ATF, including the regulation of legitimate traffic in firearms and explosives, were transferred to the Department of Justice as the Bureau of Alcohol, Tobacco, Firearms, and Explosives (BATFE). The regulatory and tax collection functions of ATF related to legitimate traffic in alcohol and tobacco remained with the Treasury at its new Alcohol and Tobacco Tax and Trade Bureau (TTB).
Effective March 1, 2003, the Federal Law Enforcement Training Center, the United States Customs Service, and the United States Secret Service were transferred to the newly created Department of Homeland Security ("DHS").
The basic functions of the Department of the Treasury mainly include:
With respect to the estimation of revenues for the executive branch, Treasury serves a purpose parallel to that of the Office of Management and Budget for the estimation of spending for the executive branch, the Joint Committee on Taxation for the estimation of revenues for Congress, and the Congressional Budget Office for the estimation of spending for Congress.
From 1830 until 1901, responsibility for overseeing weights and measures was carried out by the Office of Standard Weights and Measures under the auspices of the Treasury Department. After 1901, responsibility was assigned to the agency that subsequently became known as the National Institute of Standards and Technology.
The Department of the Treasury is organized into two major components: the Departmental offices and the operating bureaus. The Departmental Offices are primarily responsible for the formulation of policy and management of the Department as a whole, while the operating bureaus carry out the specific operations assigned to the Department.
|The Alcohol and Tobacco Tax and Trade Bureau (TTB)||The Alcohol and Tobacco Tax and Trade Bureau (TTB) is responsible for enforcing and administering laws covering the production, use, and distribution of alcohol and tobacco products. TTB also collects excise taxes for firearms and ammunition.|
|The Bureau of Engraving & Printing (BEP)||The Bureau of Engraving & Printing (BEP) designs and manufactures U.S. currency, securities, and other official certificates and awards.|
|The Bureau of the Fiscal Service||The Bureau of the Fiscal Service was formed from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Its mission is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services.|
|The Community Development Financial Institution (CDFI) Fund||The Community Development Financial Institution (CDFI) Fund was created to expand the availability of credit, investment capital, and financial services in distressed urban and rural communities.|
|The Financial Crimes Enforcement Network (FinCEN)||The Financial Crimes Enforcement Network (FinCEN) supports law enforcement investigative efforts and fosters interagency and global cooperation against domestic and international financial crimes. It also provides U.S. policy makers with strategic analyses of domestic and worldwide trends and patterns.|
|The Inspector General||The Inspector General conducts independent audits, investigations and reviews to help the Treasury Department accomplish its mission; improve its programs and operations; promote economy, efficiency and effectiveness; and prevent and detect fraud and abuse.|
|The Treasury Inspector General for Tax Administration (TIGTA)||The Treasury Inspector General for Tax Administration (TIGTA) provides leadership and coordination and recommends policy for activities designed to promote economy, efficiency, and effectiveness in the administration of the internal revenue laws. TIGTA also recommends policies to prevent and detect fraud and abuse in the programs and operations of the IRS and related entities.|
|The Internal Revenue Service||The Internal Revenue Service (IRS) is the largest of Treasury's bureaus. It is responsible for determining, assessing, and collecting internal revenue in the United States.|
|The Office of the Comptroller of the Currency (OCC)||The Office of the Comptroller of the Currency (OCC) charters, regulates, and supervises national banks to ensure a safe, sound, and competitive banking system that supports the citizens, communities, and economy of the United States.|
|The U.S. Mint||The U.S. Mint designs and manufactures domestic, bullion and foreign coins as well as commemorative medals and other numismatic items. The Mint also distributes U.S. coins to the Federal Reserve banks as well as maintains physical custody and protection of the nation's silver and gold assets.|
|Program||Funding (in millions)||Employees (in FTEs)|
|Management and Finance|
|Office of the Inspector General||$35||213|
|Inspector General for Tax Administration||$157||837|
|Special Inspector General for TARP||$34||192|
|Community Development Financial Institutions Fund||$225||73|
|Financial Crimes Enforcement Network||$108||346|
|Alcohol and Tobacco Tax and Trade Bureau||$101||517|
|Bureau of the Fiscal Services||$348||2,350|
|Internal Revenue Service||$12,476||92,009|
|Office of Fiscal Stability||$184||86|
|Small Business Lending Programs||$17||25|
|State Small Business Credit Initiative||$7||12|
|Financial Stability Oversight Council||$20||26|
|Office of Financial Research||$92||249|
|Bureau of Engraving and Printing||$749||1,944|
|United States Mint||$3,571||1,874|
|Office of the Comptroller of the Currency||$1,104||3,997|
In the latest Center for Effective Government analysis of the fifteen federal agencies that receive the most Freedom of Information Act FOIA requests, published in 2015 (using 2012 and 2013 data, the most recent years available), the Treasury failed to earn a satisfactory overall grade.
The Alcohol and Tobacco Tax and Trade Bureau, statutorily named the Tax and Trade Bureau and frequently shortened to TTB, is a bureau of the United States Department of the Treasury, which regulates and collects taxes on trade and imports of alcohol, tobacco, and firearms within the United States.TTB was created on January 24, 2003, when the Homeland Security Act of 2002 split the Bureau of Alcohol, Tobacco and Firearms (ATF) into two new organizations with separate functions. Specifically, the Act transferred ATF and its law enforcement functions from the Department of the Treasury to the Department of Justice. ATF's other functions, dealing with tax collection and regulation of legitimate trade, remained within the Treasury Department and became part of the new TTB.
TTB's Field Operations are organized into five divisions:
National Revenue Center: reconciles returns, reports, and claims; screens applications and promptly issues permits; and provides expert technical assistance for industry, the public and government agencies to ensure fair and proper revenue collection and public safety.
Risk Management: develops, implements, and maintains monitoring programs for collecting the revenue due the Federal Government and protecting the public, and ensures resources are effectively used.
Tax Audit: verifies the proper payment of alcohol, tobacco, firearms and ammunition excise taxes and ensures compliance with laws and regulations by taxpayers in a manner that protects the revenue, protects the consumer, and promotes voluntary compliance.
Trade Investigations: comprises investigators who ensure industry compliance with the laws and regulations administered by the TTB.
Tobacco Enforcement Division: protects the revenue and promotes voluntary compliance by monitoring the domestic tobacco trade, ensuring only qualified applicants enter the tobacco trade, ensuring compliance with the tax laws relating to tobacco, and facilitating TTB's enforcement functions in cases of non-compliance.The Advertising, Labeling, and Formulation Division (ALFD) implements and enforces a broad range of statutory and compliance provisions of the Internal Revenue Code and the Federal Alcohol Administration Act. This act requires importers and bottlers of beverage alcohol to obtain certificates of label approval or certificates of exemption from label approval (COLAs) for most alcohol beverages prior to their introduction into interstate commerce. ALFD acts on these COLAs to ensure that products are labeled in accordance with federal laws and regulations. ALFD also examines formulas for wine and distilled spirits, statements of process, and pre-import applications filed by importers and proprietors of domestic distilleries, wineries, and breweries for proper tax classification and to ensure that the products are manufactured in accordance with federal laws and regulations.Bernadine Newsom Denning
Bernadine Newsom Denning (1930 – January 11, 2011) was an educator and civil rights activist recognised in the Michigan Women's Hall of Fame.Bureau of Engraving and Printing
The Bureau of Engraving and Printing (BEP) is a government agency within the United States Department of the Treasury that designs and produces a variety of security products for the United States government, most notable of which is Federal Reserve Notes (paper money) for the Federal Reserve, the nation's central bank. In addition to paper currency, the BEP produces Treasury securities; military commissions and award certificates; invitations and admission cards; and many different types of identification cards, forms, and other special security documents for a variety of government agencies. The BEP does not produce coins; all coinage is produced by the United States Mint. With production facilities in Washington, D.C., and Fort Worth, Texas, the Bureau of Engraving and Printing is the largest producer of government security documents in the United States.Bureau of Navigation
The Bureau of Navigation, later the Bureau of Navigation and Steamboat Inspection and finally the Bureau of Marine Inspection and Navigation — not to be confused with the United States Navy's Bureau of Navigation — was an agency of the United States Government established in 1884 to enforce laws relating to the construction, equipment, operation, inspection, safety, and documentation of merchant vessels. The bureau also investigated marine accidents and casualties; collected tonnage taxes and other navigation fees; and examined, certified, and licensed merchant mariners.
When established, the Bureau of Navigation was a part of the United States Department of the Treasury. In 1903, the organization was transferred to the newly formed United States Department of Commerce and Labor. In 1913 that department was split into the United States Department of Commerce and the United States Department of Labor, and the bureau was assigned to the new Department of Commerce. In 1932 the bureau was combined with the Steamboat Inspection Service to form the Bureau of Navigation and Steamboat Inspection. The Bureau of Navigation and Steamboat Inspection was in turn renamed the Bureau of Marine Inspection and Navigation in 1936.In 1942, Executive Order 9083 transferred many functions of the bureau to two other agencies: Merchant vessel documentation was transferred to the United States Customs Service, while functions relating to merchant vessel inspection, safety of life at sea, and merchant mariners were transferred to the United States Coast Guard. The merchant vessel documentation functions were also transferred to the Coast Guard in 1946.
With all its functions having been absorbed by the U.S. Customs Service and the U.S. Coast Guard, the Bureau of Marine Inspection and Navigation was abolished as unnecessary and redundant by Reorganization Plan No. III of 1946.Financial Crimes Enforcement Network
The Financial Crimes Enforcement Network (FinCEN) is a bureau of the United States Department of the Treasury that collects and analyzes information about financial transactions in order to combat domestic and international money laundering, terrorist financing, and other financial crimes.James Knox Taylor
James Knox Taylor (October 11, 1857 – August 27, 1929) was Supervising Architect of the United States Department of the Treasury from 1897 to 1912. His name is listed ex officio as supervising architect of hundreds of federal buildings built throughout the United States during the period.Jim Hagedorn
James Lee Hagedorn (born August 4, 1962) is an American politician from the state of Minnesota. A Republican, he is a member of the United States House of Representatives from Minnesota's 1st congressional district.Office of Terrorism and Financial Intelligence
The Office of Terrorism and Financial Intelligence (TFI), formed in 2004, is an agency of the United States Department of the Treasury. TFI works to reduce the use of the financial system for illicit activities by terrorists (groups and state-sponsored), money launderers, drug cartels, and other national security threats.
The Office of Terrorism and Financial Intelligence is overseen by the Under Secretary of the Treasury for Terrorism and Financial Intelligence. Since its founding in 2004, the office has been directed by three under-secretaries -Stuart A. Levey, David S. Cohen and Adam J. Szubin - all of whom, according to Philip Weiss, have worked as associates in the same law firm, Sullivan & Cromwell. Sullivan & Cromwell is the same law firm that Alan Dulles, the famous CIA Director, was a partner of. The current under-secretary is Sigal MandelkerTFI oversees the Office of Terrorist Financing and Financial Crimes, the Office of Intelligence and Analysis, the Office of Foreign Assets Control, the Financial Crime Enforcement Network and the Treasury Executive Office for Asset Forfeiture.The U.S. Treasury Department is the only national finance ministry with its own in-house intelligence agency, with offices around the world, including Islamabad and Abu Dhabi.Office of the Comptroller of the Currency
The Office of the Comptroller of the Currency (OCC) is an independent bureau within the United States Department of the Treasury that was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and thrift institutions and the federally licensed branches and agencies of foreign banks in the United States. The Comptroller of the Currency is Joseph Otting.Office of the Supervising Architect for the U.S. Treasury
The Office of the Supervising Architect was an agency of the United States Treasury Department that designed federal government buildings from 1852 to 1939.
The office handled some of the most important architectural commissions of the nineteenth and twentieth centuries. Among its creations are the well-known State, War, and Navy building (now the Eisenhower Executive Office Building) in Washington, DC, the San Francisco Mint Building, and smaller post offices that have served communities for decades, many recognized as National Historic Landmarks, listed in the National Register of Historic Places, or designated as local landmarks.Richard W. Fisher
Richard W. Fisher (born 1949) is the former President and CEO of the Federal Reserve Bank of Dallas, having assumed that post in April 2005 and retired in 2015. He is now Senior Advisor to Barclays Plc (a British bank holding company) and a Director of PepsiCo. He is Senior Contributing Editor for CNBC. From 2011-17 he served on the Harvard Board of Overseers.Section of Painting and Sculpture
The Treasury Section of Painting and Sculpture (later known as the Section of Fine Arts), commonly known as the Section, was established in 1934 and administered by the Procurement Division of the United States Department of the Treasury. It continued until 1943, ending with the death of its director, Edward Bruce.Stamp Day for Superman
Stamp Day for Superman is a 1954 black-and-white short film starring George Reeves as Superman and Noel Neill as Lois Lane. It was produced by Superman Inc. for the United States Department of the Treasury to promote the purchase of U.S. Savings Bonds. Never shown theatrically, it was distributed to schools as a means of educating children about the program.
Due to its nature as a government film, Stamp Day for Superman is in the public domain and can often be found on inexpensive DVD sets. Warner Bros. also released the film as part of the Adventures of Superman Season 2 DVD set. It was a featured short and riffed on by the former cast members of Mystery Science Theater 3000 during the RiffTrax Live MST3K Reunion Show on June 28, 2016.Symbols of the United States Department of the Treasury
Symbols of the United States Department of the Treasury include the Flag of the Treasury Department and the U.S. Treasury Seal. The seal actually predates the department itself, having originated with the Board of Treasury during the period of the Articles of Confederation. The seal is used on all U.S. paper currency, and (like other departmental seals) on official Treasury documents.
The seal includes a chevron with thirteen stars, representing the original thirteen states. Above the chevron is a balance, representing justice. The key below the chevron represents authority and trust.The phrase THE DEPARTMENT OF THE TREASURY is around the rim, and 1789 (the year the department was established) is at the bottom. This inscription is in a Cheltanham Bold font.Treasurer of the United States
The Treasurer of the United States is an official in the United States Department of the Treasury who was originally charged with the receipt and custody of government funds, though many of these functions have been taken over by different bureaus of the Department. Responsibility for oversight of the Bureau of Engraving and Printing, the United States Mint, and the United States Savings Bonds Division (now the Savings Bond Marketing Office within the Bureau of the Public Debt) was assigned to the Treasurer in 1981. As of 2002 the Office of the Treasurer underwent a major reorganization. The Treasurer now advises the Director of the Mint, the Director of the Bureau of Engraving and Printing, the Deputy Secretary and the Secretary of the Treasury on matters relating to coinage, currency and the production of other instruments by the United States.The Treasurer's signature, as well as the Treasury Secretary's, appear on Federal Reserve Notes.
President Harry S. Truman appointed Georgia Neese Clark as the first woman Treasurer in 1949. Since then, every subsequent Treasurer has been a woman, and seven of the past eleven Treasurers have also been Hispanic.
Requirement for Senate confirmation for the appointment was dropped as of August 10, 2012.Treasury Building (Washington, D.C.)
The Treasury Building in Washington, D.C., is a National Historic Landmark building which is the headquarters of the United States Department of the Treasury. An image of the Treasury Building is featured on the back of the United States ten-dollar bill.Under Secretary of the Treasury for Domestic Finance
The Under Secretary of the Treasury for Domestic Finance is a high-ranking position within United States Department of the Treasury that reports to, advises, and assists the Secretary of the Treasury and the Deputy Secretary of the Treasury. The under secretary leads the department's policy on the issues of domestic finance, fiscal policy, fiscal operations, government assets, government liabilities, and other related economic and fiscal matters.Under Secretary Mary J. Miller announced she was stepping down from the position on June 12, 2014, and the position has been officially vacant since that time.Matthew Rutherford served as acting Under Secretary until January 30, 2015. President Barack Obama nominated Antonio Weiss for the position on November 13, 2014. Weiss was never confirmed by the Senate, and withdrew his nomination on January 12, 2015.Under Secretary of the Treasury for International Affairs
The Under Secretary of the Treasury for International Affairs is a senior position within the United States Department of the Treasury responsible for advising the Secretary of the Treasury on international economic issues. The office is currently held by David Malpass.United States Secretary of the Treasury
The Secretary of the Treasury is the head of the United States Department of the Treasury which is concerned with financial and monetary matters, and, until 2003, also included several federal law enforcement agencies. This position in the federal government of the United States is analogous to the Minister of Finance in many other countries. The Secretary of the Treasury is a member of the President's Cabinet, and is nominated by the President of the United States. Nominees for Secretary of the Treasury undergo a confirmation hearing before the United States Senate Committee on Finance before being voted on by the United States Senate.
The Secretary of the Treasury, the Secretary of State, the Attorney General, and the Secretary of Defense are generally regarded as the four most important cabinet officials because of the importance of their departments. The Secretary of the Treasury is a non-statutory member of the U.S. National Security Council and fifth in the United States presidential line of succession.
Agencies under the United States Department of the Treasury
of the Treasury
of the Treasury
for International Affairs
|Under Secretary of|
the Treasury for
|Under Secretary of|
the Treasury for Terrorism
and Financial Intelligence
|Treasurer of the United States|